Patient Experience Technology Market: Current Analysis and Forecast (2022-2028)
Emphasis on Components (Digital Patient Engagement, Patient Contact Center Tracking, Patient Contact Centers, Patient Experience Surveys, Patient Live Chat Engagement, and Others); and End-Users (Hospitals, Clinics, and Home Care Settings); and Region/Country
The patient experience technology market is expected to grow at a strong CAGR of around 10% during the forecast period. Patient experience technology refers to the various technologies and solutions that aim to improve the patient experience in healthcare settings. This includes tools and technologies that enable patients to access their health information, communicate with healthcare providers, and receive care in a more personalized and convenient manner. The increasing demand for better patient outcomes, rising healthcare costs, and the growing adoption of mobile health technologies are some of the key factors driving the growth of the patient experience technology market.
Some of the major players operating in the market include Sodexo; Press Ganey; Vocera Communications; Huron Consulting Group Inc; Aramark; CipherHealth Inc.; Accenture; Qualtrics LLC; GetWellNetwork, Inc.; and HybridChart, Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst components, the patient experience surveys segment is expected to witness fast growth during the forecast period”
Based on components, the market is segmented into digital patient engagement, patient contact center tracking, patient contact centers, patient experience surveys, patient live chat engagement, and others. Amongst these, the patient experience surveys segment is expected to witness fast growth during the forecast period. Patient experience surveys are an essential component of patient experience technology, as they enable healthcare providers to collect feedback directly from patients about their experiences with various aspects of their care. The rising number of outpatients and the rising in hospitalizations are attributed to the increasing market size of the patient experience surveys to access the problems faced by the patients during the treatment to improve the patient experience.
“Amongst end-user, the home care settings patient experience technology held the majority share of the market in 2021”
On the basis of end-users, the market is segmented into hospitals, clinics, and home care settings. Among these, home care settings in the patient experience technology market are to grow with a high CAGR during the forecast period. As more patients prefer to receive healthcare services in the comfort of their own homes, there has been a corresponding increase in the demand for patient experience technologies that can enhance the quality of care provided in these settings.
Patient Experience Technology Market Report Coverage
“Asia Pacific is expected to grow with highest CAGR patient experience technology market during the forecast period”
Asia Pacific is expected to grow with the highest CAGR patient experience technology market during the forecast period. The rising adoption of digital technologies, along with the digitalization of the healthcare sector at an impressive pace attributed to the fast growth of patient experience technology. Furthermore, the increasing old-age population, as well as the increasing efforts of the governments over the improving healthcare infrastructure is also responsible for the market growth in the region. For instance, on 15 August 2020, the PM of India Shri Narendra Modi announced the launch of a pilot project named Ayushman Bharat Digital Mission aims to develop the backbone necessary to support the integrated digital health infrastructure of the country.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global patient experience technology market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Patient Experience Technology Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global patient experience technology market were the three major steps undertaken to create and analyze the adoption of patient experience technology in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global patient experience technology market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the patient experience technology market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the patient experience technology market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as components and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the patient experience technology market. Further, we conducted factor analysis using dependent and independent variables such as components and end-users of the patient experience technology market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the patient experience technology market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Patient Experience Technology market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Patient Experience Technology market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Patient Experience Technology market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Patient Experience Technology market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global Patient Experience Technology market.
The main objective of the Global Patient Experience Technology Market Study
The current & future market trends of the global Patient Experience Technology market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Patient Experience Technology market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the components and end-users
- Define and analysis of the regulatory framework for the patient experience technology industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the patient experience technology market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the patient experience technology market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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